We Urge The Mpc To Cut Interest Rates In November

"British business is disappointed but not entirely surprised by the MPC's decision today to keep interest rates unchanged at 5.75%. Given the worsening economic prospects, both UK & global, a cut today would have been justified and would have been very helpful in restoring confidence.

“But we appreciate that today’s decision was an extremely difficult one for the MPC. Following the Northern Rock crisis, the Bank of England must restore its credibility and authority. It must show greater sensitivity to the problems of the wider economy, while at the same time making it clear that it will not yield to outside pressures.